The real estate market in the region is still in a dip when it comes to number of sales, selling prices, and overall inventory, according to the latest statistics released by the Laklands Association of Realtors, which represents markets from Meaford and The Blue Mountains, Simcoe County, and Muskoka District.
According to the association president, Matthew Lidbetter, there may not be much change in the below-average indicators until "spring finally arrives."
Median selling price of homes remains highest the western portion of the region, including The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach, at $762,500 in February 2023 for non-waterfront homes. But that has dropped 20.8 per cent compared to February 2022 when the median price was $962,500 (excluding waterfront).
There were 96 homes sold in the western portion of the region in February 2023, down from 154 sold in February 2022 (a 37.7 per cent decrease).
Overall across the region there were 252 non-waterfront and 29 waterfront homes sold last month, which is down from 414 and 78 sold in February 2022, a 39 per cent and 63 per cent decrease respectively.
The median price in the entire region for a non-waterfront home dropped from $855,000 in February 2022, to $695,000 in February 2023, an 18.7 per cent decrease. Waterfront median prices went from $1.2 million in 2022 to $800,000 last month.
"There is a divergence in supply coming onto the market between the two property types at the moment, with new listings still very low for non-waterfront properties but having somewhat rebounded for waterfront homes," said Lidbetter in a news release from the Lakelands Association of Realtors. "Overall, inventories are still low by historical standards for both property types so there's ample room to absorb any increases."
The benchmark price, calculated through the MLS home price index, for homes in the region was $699,200 in February, which is a 17.4 per cent drop compared to last year. A benchmark price is another way of calculating the average price of a home sold in a region.
Last month, the benchmark price for a single-family home was $687,800, for a townhouse/row unit it was $601,900, and for an apartment, it was $486,000, according to Lakelands Association.
In total, the value of all residential, non-waterfront sales in February 2023, in the Lakelands region amounted to $196.8 million, which is a decrease of 52.2 per cent compared to February 2022.
